Coinbase likens buying crypto to collecting Beanie Babies, Bloomberg reports

In an opening hearing in a New York federal court hearing, Coinbase said that buying crypto on an exchange is more like collecting Beanie Babies than investing in a stock or bond, Bloomberg’s Chris Dolmetsch reports. Coinbase is arguing for the SEC’s lawsuit accusing it of selling unregistered securities to be dismissed. William Savitt, a lawyer for Coinbase, told U.S. District Judge Katherine Polk Failla that tokens trading on the exchange aren’t securities subject to SEC jurisdiction because buyers don’t gain any rights as a part of their purchases, as they do with stocks or bonds.